Stabilizing Housing Market Key to Recovery

We in Columbus have been working together to create and retain jobs. Also high on our list of priorities is helping Ohio families keep their homes.

A new report says that one-third of Ohio’s mortgage holders are “under water,” owing more than the value of their homes. Also, it’s estimated that one in every six homeowners is either delinquent or in foreclosure.

The newly launched federal Consumer Finance Protection Bureau, headed by former Ohio Attorney General Richard Cordray, recently announced a joint federal-state settlement of $25 billion. The settlement is with five of the nation’s largest mortgage services over foreclosure abuses, fraud and unacceptable mortgage practices. As part of the settlement, Ohio will receive an estimated $335 million.

Ohio borrowers who lost their homes between Jan. 1 of 2008 and Dec. 11 of 2011 because of service abuse would qualify for cash payments. Other measures will help Ohio stabilize the real estate market, enabling more Ohioans to remain in their homes and reducing the number of foreclosures.

Foreclosures destroy neighborhoods, and the Federal Reserve reports that the collective net worth of Americans has taken a $5.5 trillion hit since 2007. This is mainly due to a decline in real estate that has lost $4.7 trillion in value, or 22 percent. Our recovery here in Ohio and across the nation is tied to resolving the foreclosure crisis.

For more information about the settlement, contact the Ohio Attorney General’s office at 614-728-2279.

I hope you will make plans to join me for my next monthly “Lundy Listens” town hall to take place Saturday, April 7 at 11 a.m. at the Columbia Station Library (13824 W. River Rd., Columbia Station).

I enjoy updating you on bills in Columbus and answering your questions about state government. Feel free to contact my office with any questions or concerns at 614-644-5076 or by email at district57@ohr.state.oh.us. I work for you and look forward to serving you.